Can a car accident lawsuit take my assets?

Can a car accident lawsuit take my assets?

All nonexempt assets will be taken to settle a bankrupt person’s bills, but he will be able to keep the exempt assets, such as large amounts of home equity if applicable, while the plaintiff in the auto accident lawsuit must stand in line with everyone else. IRA accounts also enjoy up to $1 million in protection in a bankruptcy.

Can a car accident lawsuit garnish your wages?

Additionally, some states may allow similar protections to assets held in an Individual Retirement Account (IRA). If an auto accident lawsuit results in the garnishment of your wages or bank accounts, your disability or any other federal benefit cannot be garnished.

Can a woman Sue Me for a car accident?

It is their obligation to represent your best interests and to help protect you from any personal liability. Of course, this answer presumes that you maintained the mandatory liability limits. If you did not, then she can definitely bring suit against you to hold you liable for her damages.

Can a person be sued for their retirement assets?

Woman meeting with lawyer. Image Credit: Szepy/iStock/Getty Images. Some assets that you may own cannot be taken in a lawsuit. Most commonly, retirement assets held in an employer-sponsored retirement plan may not be taken to satisfy a lawsuit.

What happens if your spouse is sued in a car accident?

When your spouse is sued for damage caused by a car accident, the community property you share could be in jeopardy. The property could be seized or subject to liquidation to compensate the injured accident victim.

All nonexempt assets will be taken to settle a bankrupt person’s bills, but he will be able to keep the exempt assets, such as large amounts of home equity if applicable, while the plaintiff in the auto accident lawsuit must stand in line with everyone else. IRA accounts also enjoy up to $1 million in protection in a bankruptcy.

Can you be sued for pain and suffering in a car accident?

These laws restrict injury suits to severe injuries and for pain and suffering if a case meets certain conditions. The III reports that even among the 12 no-fault insurance law states, there is a great deal of variation on limits for liability.

Additionally, some states may allow similar protections to assets held in an Individual Retirement Account (IRA). If an auto accident lawsuit results in the garnishment of your wages or bank accounts, your disability or any other federal benefit cannot be garnished.